Federal Regulatory Developments -
The SEC has still not issued its final climate-related disclosure rule (originally proposed in March 2022), despite prior indications that it would do so in the fall of 2023. Recently, SEC...more
Federal Regulatory Developments -
On September 20, 2023, the SEC approved amendments to the “Names Rule,” which had initially been proposed in May 2022. This rule requires investment funds to “adopt a policy to invest at...more
11/3/2023
/ Administrative Procedure Act ,
Climate Change ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Energy Sector ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Investment Funds ,
Sustainability
Public media reports have stated that the SEC’s Enforcement Division has been “sen[ding] document requests, including subpoenas” to asset managers in connection with ESG marketing. Apparently, these actions by the SEC’s...more
State and Local ESG Regulation.
Despite recent public statements by notable Republican federal officials, including an SEC Commissioner, that have expressed considerable skepticism towards the SEC’s proposed ESG...more
Regulatory Developments -
During the past several weeks, there have been a couple of notable developments in connection with the SEC’s proposed climate disclosures rule, “The Enhancement and Standardization of...more
Climate Change Litigation: Beginning in 2017, an array of state and local governments began pursuing claims against major fossil fuel producers — particularly the major oil companies (Chevron, Exxon, BP, Shell, and...more
S&P recently purchased Shades of Green, which has been described as "the largest external reviewer of sustainable bond and green financing frameworks." This acquisition emphasizes the recent strategic move by major ratings...more
SEC Enforcement: In its yearly summary of enforcement activity, the SEC chose to highlight ESG-related issues as one of only a handful of subject matter areas that the SEC is focused on, indicating the significant priority...more
12/14/2022
/ Climate Change ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Energy Sector ,
Enforcement ,
Environmental Social & Governance (ESG) ,
Federal Contractors ,
Federal Trade Commission (FTC) ,
Securities and Exchange Commission (SEC) ,
Sustainability
Regulatory Developments. During the past month, there have been two notable developments in connection with the SEC’s proposed climate disclosures rule — “The Enhancement and Standardization of Climate-Related Disclosures for...more
Regulatory Developments Among State AGs. Over the past few weeks, various state attorneys general have either issued guidance or initiated enforcement actions in connection with ESG ratings. Specifically, among other things,...more
Today's edition of the New York Times featured an opinion piece that critiqued ESG investing--and not from the perspective that "values" investing is economically counter-productive. (For that viewpoint, the editorial page...more
Climate Change Tort Litigation -
Beginning in 2017, an array of state and local governments have pursued claims against major fossil fuel producers — particularly the major oil companies (Chevron, Exxon, BP, Shell, and...more
In June 2022, the Supreme Court issued its decision in West Virginia v. EPA, which held that, under the “major questions doctrine,” the EPA lacked the authority under the Clean Air Act to devise emissions caps based on the...more
8/10/2022
/ Clean Air Act ,
Energy Sector ,
Enforcement Actions ,
Environmental Litigation ,
Environmental Protection Agency (EPA) ,
Greenwashing ,
Investment ,
National Emissions Standards ,
SCOTUS ,
Sustainability ,
West Virginia v EPA
Last week, the two Republican Commissioners of the SEC availed themselves of the opportunity presented by the ability to comment on the Financial Accounting Foundation's Strategic Plan Draft for Public Comment to again voice...more
The European Parliament has now "endorsed labeling some gas and nuclear energy projects as 'green.'" This designation will now enable these energy projects to have "access to hundreds of billions of euros in cheap loans and...more
The SEC's Climate and ESG Task Force has now issued its first enforcement action. The SEC has brought a 76-page complaint in federal district court against Vale, S.A., a Brazilian mining company, alleging that Vale "ma[de]...more
According to Paul Donofrio, the head of sustainability at Bank of America, the SEC's proposal for climate disclosures is "constructive and headed in the right direction." Donofrio voiced further support for the SEC's...more
Yesterday, the Singapore Exchange announced that "[a]ll issuers must provide climate reporting on a 'comply or explain' basis in their sustainability reports" stating in FY 2022, and that these "climate-related disclosures"...more
There are many aspects to the changing regulatory landscape as the U.S. government (and other authorities) increase their focus on climate change and adopt policies and regulations designed to presumably steer the private...more